680 6th Ave Nw, Tuscaloosa, AL, 35404, US

Evolve Tuscaloosa

Asset Description

Jones Lang LaSalle Americas, Inc. ("JLL") is pleased to present Evolve Tuscaloosa (the "Property" ), a 228-unit / 628-bed student housing community located in Tuscaloosa, Alabama. Recently built in 2017, the Property offers a comprehensive amenity package tailored to the modern-day student. The Property contains a mix of 2-bed and 3-bed floorplans complete with 100% bed-bath parity.

Evolve Tuscaloosa serves the University of Alabama (the "University" or "UA"), Alabama’s flagship University. The University is currently experiencing a major bounce back from Covid-19 declines and is now poised for future growth. Total enrollment at the University reached an all-time high of 38,645 students in Fall 2022. A large portion of this growth can be attributed to the 8,037 first-year students, climbing 6% from the prior year.

The Tuscaloosa purpose-built student housing market is reaping the benefits of recent enrollment growth. The market is currently 79% pre-leased as of May 2023, which is 9% ahead of where it was a year ago while achieving high single-digit rent growth.

Evolve Tuscaloosa is poised to continue to grow upon its 23- 24 AY leasing performance. New ownership has the unique opportunity to capitalize on a well located value-add student housing property in a Tier-1 market at a major discount to replacement cost today.

Alabama Licensee:

Buff Teague

M: (251) 341 1611

License #: AL-83353-0

buff.teague@jll.com

...

Attributes

Number of units

228 units

Occupancy

83.00%

Year built

2017

Building area Net

272,688 sf

Media

Investment Highlights

Tier 1, Power 5 University - The University of Alabama is a founding member of the Southeastern Conference (SEC).
Record Enrollment - Record enrollment of 38,645 students in Fall 2022 was boosted by the largest freshman class in the University’s history with 8,037 students, a 6% increase in freshman enrollment over last year.
Offered at a Significant Discount to Replacement Cost - The Property is offered at an attractive basis that reflects a 60%+ discount to replacement cost.
Strong Submarket Performance - The Property is located in one of the strongest performing submarkets where comparable properties are all 95%+ occupied and are either fully pre-leased or tracking to 100% pre-leased with strong year-over-year rental rate increases.
Superior Asset Quality & In-Demand Amenities - Evolve Tuscaloosa is a modern student housing community that offers a complete amenity package.